Nov 2, 2017
Tate & Lyle result helped by demand for sweeteners
Tate & Lyle, the UK ingredients maker, benefited from rising demand by food manufacturers for sweeteners, as it reported a 26 per cent increase in first half pre-tax profits and raised its outlook for full-year profits. London-listed Tate & Lyle is one of the UK companies most exposed to Mexico, which accounts for 10 per cent of its earnings. Revenues were 6 per cent higher at £1.4bn. Sales and profits were boosted by the weak pound against the dollar, in which the company makes most of its profits. Bulk ingredients delivered most of the profits growth, with operating profits up 36 per cent in constant currencies to £93m and a 1.2 percentage point increase in the core profit margin to 9.3 per cent. Speciality food ingredients, which includes the Splenda sucralose brand and other low-calorie and no-calorie sweeteners, returned to volume growth in North America but core operating profit margins fell 0.5 percentage points to 19.5 per cent, due to the focus on driving sales.
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